Consumer & Fianancial Lit Chapter 4

Question 0

Consignment shop

Answer 0

Retail store where people sell items and the owner of the shop gets a percentage of the sale.

Question 1

Auction-

Answer 1

A public sale in which property of items of merchandise are sold to the highest bidder.

Question 2

Cost-benefit analysis-

Answer 2

The process of quantifying costs and benefits a decision.

Question 3

Estate sale-

Answer 3

Type of yard sale with more items, usually the entire contents of a household.

Question 4

Foreclosure-

Answer 4

Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/ or principal payments on time as stipulated In the mortgage contract.

Question 5

Integrity-

Answer 5

Having to do with a person’s honesty and moral attributes.

Question 6

Markup-

Answer 6

The difference between the wholesale price and retail price.

Question 7

Negotiate-

Answer 7

To bargain for a lower price.

Question 8

Walk-away power-

Answer 8

The ability to walk away from a purchase when negotiating.